The conclusive test of experience shows that open-ended serialization is in fact an inferior form. They almost universally end badly, even when they started very well. All the talent that made good starts surely couldn't have dissipated into thin air. It must be the intrinsic limitations of the open-ended serial format.
I don't think either format is intrinsically inferior or superior, since it's the same difference as between short stories and novels.
Well not quite.
stj does couch it as 'open-ended serialization.' A novel is a beginning, middle and end, and can be rewritten through multiple drafts so that the entire thing flows as the writer wants it to. He's right that many serialized shows often do not have it set in stone how they'll end, or what their main arc will be a few years down the line, and so on - in this their literary precedent is closer to serials (Dickens and whatnot), or novel
series (which have a similar problem in that the author can't rewrite the first book with ideas he's developed for book five).
Granted, there's also TV shows which know
exactly where they're going with their serialization, at least in broad strokes about what each year should be about. That... can be helpful, anyway, although they have the same problem of being unable to go through multiple 'drafts.'
It might be interesting to see a TV series which really was a novel - a few seasons of TV shot and edited and reshot with the final episode in the can before the first episode ever aired. I gather that'd be impractically expensive for anything that isn't insanely cheap, though.